FrancSwiss promoter murdered?
November 8, 2007
In the discussion thread This is sad… maybe FrancSwiss-related, PMT member pinoynetworker posted that currently making the rounds in the local networking scene is the news that a certain Christopher or Cris Irabon has been identified as one of the victims in a salvage incident early this week.
Irabon is said to be a “power leader” in the Philippine networking scene who allegedly actively promoted the FrancSwiss investment program that eventually turned into a scam.
Local daily People’s Journal has the official news on the killings.
THE four salvage victims stuffed in a sack found atop a bridge in Taytay, Rizal Monday (October 5) have been identified by their relatives, police said yesterday.
The victims were identified as Maricel Sena, 24, five months pregnant, her sister Robilyn, 19, Christopher Irabon, 33, and Rolando Lopez, 35, live-in partner of Maricel.
Estrelita Sena, mother of the siblings, said they last saw the victims alive on October 31.
Police said the victims were tortured before they were killed.
Were the murders motivated by the FrancSwiss scam? That is a question for the police to answer.
In any case, we offer our condolences to the families of the victims.
Related reading:
- Discussion thread – This is sad… maybe FrancSwiss-related
- Discussion thread – HYIP: FrancSwiss
- Article – Is FrancSwiss a scam?
- Scam Programs Discussion Board
- List of Popular Scam Programs
Updates on the FrancSwiss scam
August 1, 2007
Here are recent developments on the online investment fraud FrancSwiss.
July 11. The National Bureau of Investigation released an artist's sketch of the supposed leaders of the FrancSwiss investment scam. The alleged masterminds include: Roger Smith, Raymond Chua and Bensy Fong, both Singaporeans, and alias "Mike" and "Michelle" who work for Chua.
More updates after the jump.
You made money in FrancSwiss? You’re not yet off the hook
July 18, 2007
Now, the serious stuff.
By now, we know that the police are hunting down the owners and operators of online investment scams such as FrancSwiss, and the Philippine Daily Inquirer's Money Smarts blog recently mentioned that recruiters who marketed Ponzi programs are not spared.
So if you were a mere investor who made money in FrancSwiss (or all these other online Ponzi scams), you have nothing to worry about, right?
Think again. The government can run after your profits, under the country's Anti-Money Laundering Act.
Profits from the FrancSwiss scam are taxable
July 13, 2007
First, the funny side of all this FrancSwiss hullabaloo.
If you invested in FrancSwiss (and this goes for other online investment scams and HYIPs or High-Yield Investment Programs), all profits you earned are — surprise! — taxable.
NBI Press Release on FrancSwiss
July 12, 2007
Following the arrest of Eleazar Castillo, alleged "chief financial adviser" of the online high-yield investment program (HYIP) FrancSwiss, the Philippine National Bureau of Investigation (NBI) released on July 6 a press release explaining the details of the arrest.
The NBI accused Castillo and nine others, including an American and two Singaporean nationals, of involvement in a large-scale online investment fraud. The arrest stemmed from complaints filed by three Filipino investors against the suspects. Charges of syndicated estafa have been filed against the latter by the NBI.
Full text of the NBI press release after the jump.
Did you lose money in FrancSwiss?
July 8, 2007
Earlier last week, a news reporter from a major TV channel emailed Pinoy Money Talk and asked if we can recommend people who would be willing to sit for an interview to talk about their losses in the online investment program FrancSwiss.
Our reply, at that time, was that it might be difficult to find those people because FrancSwiss is technically still not a scam because it has not stopped paying yet. Our opinion was that investors would not badmouth a program they think has not done anything wrong.
Fast forward several days later, and FrancSwiss was declared a Ponzi and a scam-waiting-to-unfold by the Philippine SEC, BSP, and media channels. No sooner than that, all FrancSwiss websites went down, the operators were nowhere to be found, and no investor received payment in the last few days.
FrancSwiss being officially declared a scam is now starting to sink in to most people. Investors have started telling their own FrancSwiss stories — including stories of financial losses, of distrust in the people who referred them to the program, and of deception, hopelessness, and confusion.
Here are some of these stories, taken from the Comments section of the article Is FrancSwiss a scam? and the HYIP: FrancSwiss discussion thread. True or not, these stories are surely something FrancSwiss investors can relate to.
Read on.
FrancSwiss ‘financial adviser’ nabbed by police
July 6, 2007
ABS-CBN's news program TV Patrol reported today that 26-year-old Eleazard "Ely" Castillo of Baguio City was nabbed by police for allegedly playing a part in the High-yield investment program (HYIP) FrancSwiss.
Castillo is considered the "chief financial adviser" of FrancSwiss and is said to be responsible for bringing in more than P300 million (US$6.5 million) worth of investments to the said online program.
According to the National Bureau of Investigation (NBI), thousands of Filipinos have "invested" in FrancSwiss, including actors, politicians, tv personalities, generals, OFWs, and retirees.
FrancsSwiss – with websites at [www.francswiss.com | www.francswiss.us | www.francswiss.biz] — is an HYIP that offers 4.5% interest per day for 60 days on a minimum investment of $1,000. It is not fully explained, however, how they are able to generate enough profits that would compensate for such abnormally high return.
Earlier this week, the Philippine Securities and Exchange Commission (SEC) and the Bangko Sentral ng Pilipinas (BSP) tagged FrancsSwiss as a Ponzi scheme — an investment program that relies on new investments to pay older investments — and warned people against investing in online HYIPs.
The NBI said other known FrancSwiss personalities have now been placed under their "Wanted List." They include Jaime Poliquit (Davao City), Garry Espiritu (Metro Manila), alyas Jomarc (Fairview, Quezon City), Edwin Sendana (Pasig City), and Edward Ricalde (Pampanga).
————————-
Video of the ABS-CBN news report after the jump.
SEC, BSP, media call FrancSwiss a Ponzi, warn against online HYIPs
July 4, 2007
The Philippine Securities and Exchange Commission (SEC), the Bangko Sentral ng Pilipinas (BSP) and the media have jointly called FrancSwiss – arguably the most popular High-Yield Investment Program (HYIP) in the Philippines today — a Ponzi scheme and warned people against investing in similar online investment scams.
A Ponzi scheme is an investment fraud that promises to pay an abnormally high return on one's invested capital. Money used to pay investors do not come from businesses or investments but, rather, from money put in by new investors. Ponzi programs usually reach a saturation point where new monies are not anymore enough to pay older investments. When that happens, payouts stop and newer investors do not receive any payment anymore.
Click "Read More" to view the recent warning issued by the SEC, BSP, and major Philippine media companies against investing in FrancSwiss and other similar online Ponzi programs.
Until when will FrancSwiss last?
July 4, 2007
This, I'm sure, is one question everyone wants to know: Until when will FrancSwiss last?
Our simple answer? No one knows.
Like any other High-Yield Investment Program (HYIP), the lifespan of FrancSwiss cannot be foretold. It can last for a few weeks, months or even years.
Take the case of the popular HYIP program PIPS that paid investors 2% of their principal every day and which lasted for two years. The program started in 2003 and became hugely popular in the US after several offline conventions where held where Brian Marsden, the program administrator, met with thousands of PIPS investors. Marsden and PIPS also became a hit worldwide following his visits to various countries and the charitable donations he made in Malaysia and the Philippines.
Is FrancSwiss a scam?
June 22, 2007
It seems the newest craze in town is not anymore Koreanovelas, Pinoy Big Brother, or celebrity video scandals, but an HYIP “pretending to be a genuine investment program” called FrancSwiss. The buzz is that even actors like Raymart Santiago and Claudine Barretto and TV broadcaster Korina Sanchez have “invested” in the program. With a 4.5% promised return per day, who could resist this kind of offer?
Without a doubt, hundreds of investors have already made big profits during the past months. But would thousands cry and wail once the program is gone and has stopped paying?
